Court :
Bombay High Court
Brief :
The petitioner filed its return of Income declaring a total income of Rs.13.12 crores. The tax payable on the declared income was Rs.6.79 crores which was paid by way of advance tax and credit for TDS. However as there was still a shortage of tax payable, the petitioner paid Rs.2.60 crores by way of tax on self-assessment.After the end of assessment,the petitioner was granted a refund of Rs 2 crores (tax of Rs.1.71 crores and interest of Rs.29 lacs). However, no interest inter alia was granted on Rs.18.24 lacs from the date of payment of tax on self-assessment. The revenue contended that interest is payable to petitioner u/s 244A only if the amounts have been paid as tax. As per section 244A(1), refund of any amount that become due to any assessee under the Act will entitle the assessee to interest. In any case in the present facts, the amount on which the refund is being claimed was originally paid as tax on self-assessment under Section 140A of the Act and evidence of the same in the form of challan was enclosed to the Return of Income.
Citation :
The Stock Holding Corporation of India Ltd. – Petitioner – Versus – CIT
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